BTCUSD: corrective rise before finishing correction
BTCUSD hit the upper boundary of the target zone (7780-7950) in the previous post and started bouncing back.
Given the structure of the waves, the correction from May 5th high seems to form a zigzag. The common retracement target of Wave (B) in a zigzag is 61.8% (around 9200). Some other guideline suggests that the retracement target would be wave 4 of the previous structure (in this case (A)). In that case, the target is 8850 area. Given that 8850 line in the red has been a resistance and support for last one month, it is quite possible that (B) may go only to that area and the decline will resume to finish the correction.
Some wave counts have been updated from the last post, but the general structure and the message is same.
More charts can be found at www.white6intelligence.com
Given the structure of the waves, the correction from May 5th high seems to form a zigzag. The common retracement target of Wave (B) in a zigzag is 61.8% (around 9200). Some other guideline suggests that the retracement target would be wave 4 of the previous structure (in this case (A)). In that case, the target is 8850 area. Given that 8850 line in the red has been a resistance and support for last one month, it is quite possible that (B) may go only to that area and the decline will resume to finish the correction.
Some wave counts have been updated from the last post, but the general structure and the message is same.
More charts can be found at www.white6intelligence.com
